Stock market today: Dow, S&P 500, Nasdaq mixed as Micron earnings boost tech
US stock futures kicked off a new month mixed as Micron’s (MU) earnings lifted the mood on tech stocks, while investors kept an eye on the bond market.
Futures on the Dow Jones Industrial Average (YM=F) fell by 0.4%, while those on the S&P 500 (ES=F) climbed 0.1%. Contracts for the Nasdaq-100 (NQ=F) gained 0.6%.
Micron (MU) shares themselves were little changed after the memory giant reported fourth quarter earnings that beat Wall Street’s expectations and raised its Q1 outlook.
Stocks closed out the third quarter and the historically weak month of September on Wednesday. The Dow posted losses for both periods as US bond yields saw their biggest move since September 2022, while the Nasdaq rose.
The markets’ momentum has flagged, as AI-driven tech stocks power through uncertainty, while the rest of the market remains encumbered by persistently high Treasury yields and oil prices (CL=F, BZ=F). Nvidia (NVDA) stock rose 5% in September; AMD (AMD) gained 30%.
A report on layoff plans from Challenger, Gray & Christmas, scheduled for release on Thursday morning, joins the ranks of a series of labor market data reports this week that set the tone for Friday’s monthly jobs report. Investors will also get a read on manufacturing activity.
Nike (NKE) reports earnings after the bell, offering a look at how its turnaround efforts are going, but it will take a lot to change Wall Street’s sentiment on the stock, which is trading at its lowest levels since 2014.
